PNJ Leads Foreign Net Buying as Vietnam Market Upgrade Nears

Overview

On September 18, 2026, foreign investors net bought VND 966 billion (about USD 38.6 million) on Vietnamese exchanges, the largest daily net inflow since early September, according to market data. PNJ (HOSE) topped the foreign net-buy list at VND 247 billion, followed by SHB, HPG, STB and NVL. The session was the last ETF rebalancing day before the market upgrade takes effect on September 21.

Key Facts

• Foreign investors net bought VND 966 billion on September 18, 2026, the highest since the start of September.
• Gross foreign buying reached VND 9,954 billion and gross selling VND 8,988 billion, both unusually elevated.
• PNJ led foreign net buying at VND 247 billion; SHB followed at VND 221 billion, HPG at VND 209 billion, STB at VND 202 billion and NVL at VND 201 billion.
• Foreign investors net sold VIC (VND 320 billion), TCB (VND 199 billion), CTG (VND 162 billion), VHM (VND 127 billion) and VPB (VND 119 billion).
• Proprietary trading desks net sold VND 82 billion, led by MCH (VND 153 billion) and FPT (VND 114 billion).
• Proprietary desks net bought VPB (VND 268 billion) and PNJ (VND 61 billion), plus small amounts of TCB (VND 12 billion) and CTG (VND 11 billion).
• The market upgrade becomes effective on September 21, 2026.

What Happened

Foreign investors net bought VND 966 billion on September 18, 2026, with gross buy and sell values of VND 9,954 billion and VND 8,988 billion respectively, according to market data. The session was the final ETF rebalancing day before the market upgrade takes effect on September 21. PNJ attracted the largest foreign net buying at VND 247 billion, followed by SHB (VND 221 billion), HPG (VND 209 billion), STB (VND 202 billion) and NVL (VND 201 billion). On the sell side, VIC saw the heaviest foreign net selling at VND 320 billion, with TCB (VND 199 billion), CTG (VND 162 billion), VHM (VND 127 billion) and VPB (VND 119 billion) also net sold.

Proprietary trading desks at securities firms moved in the opposite direction, net selling VND 82 billion. MCH (VND 153 billion) and FPT (VND 114 billion) saw the largest proprietary net selling, alongside ACB (VND 30 billion), STB (VND 23 billion), HPG (VND 22 billion) and MBB (VND 18 billion). On the buy side, proprietary desks concentrated on VPB with VND 268 billion, far ahead of PNJ at VND 61 billion, with TCB (VND 12 billion) and CTG (VND 11 billion) also net bought.

Market Context

PNJ closed at VND 36,750 on September 18, 2026 on HOSE. HPG closed at VND 21,550, SHB at VND 11,800 and STB at VND 78,200. The foreign inflow was broad but concentrated in retail, banking, steel and real estate names, consistent with positioning ahead of the market upgrade effective September 21. The divergence between foreign net buying and proprietary net selling suggests domestic desks were taking profits into foreign demand, particularly in PNJ, where proprietary desks also net bought VND 61 billion.

Strategic Significance

For long-term investors, the September 18 session is a test of whether the market upgrade translates into durable foreign demand rather than a one-off ETF rebalancing effect. PNJ’s position at the top of the foreign net-buy list, combined with proprietary desks adding VND 61 billion, indicates that both foreign and domestic institutional money see value in the jewellery retailer at current levels. The contrast with VIC, VHM and several banks, which were net sold by foreign investors, suggests a rotation toward consumer and mid-cap names rather than a blanket upgrade-driven inflow. If foreign buying persists beyond the rebalancing window, it would support the thesis that the upgrade expands the investable universe for PNJ and similar HOSE-listed mid-caps.

What to Watch

• Foreign net flow data for the sessions immediately after September 21, to see whether buying persists beyond ETF rebalancing.
• PNJ’s Q3 2026 earnings release, for confirmation that retail demand supports the foreign buying thesis.
• Proprietary trading desk positioning in PNJ and VPB in the coming sessions, given the divergence on September 18.
• Further foreign flow into SHB, HPG, STB and NVL, to gauge whether the September 18 pattern broadens.
• Any regulatory or index-provider announcements tied to the September 21 upgrade implementation.